TN Tax Collections Up, Corporate Tax Collections Down Despite Record Profits

Healthy Sales Tax collections in August boosted estimated revenues by more than $19 million above projections. Finance Commissioner Larry Martin says sales tax collections last month were nearly $40 million above estimates to start the new fiscal year on a positive trend. Fuel taxes, used to pay for road and bridge projects, came in at $8.5 million above projections. Corporate Franchise and Excise tax collections were down by $26.6 million. Martin says that’s due in large part to refunds of pre-paid corporate taxes. Martin says the state will continue to keep a close watch on spending. He says a downturn in Asia’s economy could impact revenue trends here.

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